Glossary

Key Terminologies & Definitions

Key Concepts

1. Web3

Web3 refers to the next generation of the internet, leveraging blockchain technology and decentralized protocols to enable peer-to-peer interactions and decentralized applications (Dapps). It aims to redefine trust, security, and user empowerment in various industries.

2. Decentralized Applications (Dapps)

Decentralized Applications, or Dapps, are applications built on blockchain networks that utilize smart contracts for their logic and data storage. These applications are typically open-source, transparent, and operate without the need for intermediaries, providing increased security and immutability.

3. Smart Contracts

Smart contracts are self-executing contracts with predefined rules and conditions written in code. They automatically execute transactions and agreements between parties without the need for intermediaries. Smart contracts ensure trust, security, and transparency in a decentralized manner.

4. Blockchain

Blockchain is a distributed ledger technology that maintains a decentralized record of all transactions across a network of computers or nodes. It provides transparency, immutability, and security by using cryptographic algorithms to verify and validate transactions.

5. Node Infrastructure

Node Infrastructure refers to the network of computers or servers that host blockchain networks. These nodes validate transactions, maintain the blockchain ledger, and enable network participants to interact with the blockchain.

6. Wallets

Wallets are digital containers that store cryptographic keys used to access and manage cryptocurrencies and digital assets. They enable users to securely send, receive, and store their tokens and interact with blockchain networks.

7. Tokens

Tokens are digital representations of assets or utility on a blockchain network. They can represent anything from cryptocurrencies to ownership of assets, access rights, or voting power within a decentralized ecosystem.

8. APIs and SDKs

APIs (Application Programming Interfaces) and SDKs (Software Development Kits) are tools and libraries that enable developers to interact with blockchain networks and build applications. They provide functions and methods to access blockchain data, execute smart contracts, and integrate with other services.

9. Decentralized Identity (DID)

Decentralized Identity (DID) is a self-owned and controlled identity system that enables individuals to manage their digital identities without relying on centralized authorities. DIDs provide privacy, security, and interoperability across different applications and platforms.

10. Distributed Storage

Distributed Storage refers to the storage of data across multiple nodes or computers in a decentralized manner. It ensures data redundancy, fault tolerance, and censorship resistance by distributing data fragments across the network.